Jason Freier Hardball Capital partner, answers five questions. Gives five interesting answers.
Hat tip to Downtown Fort Wayne Baseball.
Showing posts with label Fort Wayne Wizard. Show all posts
Showing posts with label Fort Wayne Wizard. Show all posts
Sunday, March 25, 2007
Friday, March 23, 2007
Harrison Square Park and the Wizard's Magic
Downtown Fort Wayne Baseball gets a hat tip on this one...Harrison Square Park
I decided to play with the editorial.
What is the Jefferson-Illinois Economic Development Area?
It is a piece of property that is exempt from seeking its property dollars to the state. It is called a tax incremental finance district, TIF, for short.
Where will the money go?
Local entity has stated the exempted funds will be used to pay for improvement in that specific area.
What does this have to do with Harrison Square?
Because TIF dollars are only to be used in the specific geographic area, and Harrison Square is not in that area. The TIF is being expanded to include Harrison SQuare by the redevelopment department.
Just as the redevelopment failed to first appraise property as required by state law before purchasing the property. This team is attempting to circumvent the limited use of TIF in the geographic area.
Why is this important for the Harrison Square project?
To pay for infrastructure and the building of a new parking garage downtown. The new parking garage is a business deal for the city to capture some revenue from the Baseball Stadium and the new hotel development.
Why should we care if TIF is being expanded for the Harrison Square Project?
Because if TIF can be gerrymandered to serve the interest of big business, why not use TIF dollars for the existing small businesses that are all ready downtown.
Does TIF keep my property taxes low?
No property taxes is determined by the budget of your various departments, the salary and expenses for running the departments. Unless some of the staff department, or buildings are being reduced property taxes will continue to be increased.
What TIF does is every time property taxes are increased for the folks who live within that specific taxing district the increase will be set aside and used for improvement in that specific area. And it insures that the bond will be paid off.
Is this fair?
No because TIF is a financial enhancement that does not include all businesses, individuals or other tax jurisdiction. The $12 millions dollar that is collected in TIF dollars could be better used to improve our combined sewer problems. The burden of the TIF special district capture these dollars and remove them for such uses and places the burden of another city experimental project doctored up to be for the good of the residents while lining the pockets of a few. It is not an equitable, effective nor efficient tool used for economic development.
So what's next?
According to the Journal Gazette:
Appeal your reassessment, by using the proper evidence.
And go to the city council meeting and let your voice be heard.
Or sell your house and get the hell out of the city of Fort Wayne.
I decided to play with the editorial.
What is the Jefferson-Illinois Economic Development Area?
It is a piece of property that is exempt from seeking its property dollars to the state. It is called a tax incremental finance district, TIF, for short.
Where will the money go?
Local entity has stated the exempted funds will be used to pay for improvement in that specific area.
What does this have to do with Harrison Square?
Because TIF dollars are only to be used in the specific geographic area, and Harrison Square is not in that area. The TIF is being expanded to include Harrison SQuare by the redevelopment department.
Just as the redevelopment failed to first appraise property as required by state law before purchasing the property. This team is attempting to circumvent the limited use of TIF in the geographic area.
Why is this important for the Harrison Square project?
To pay for infrastructure and the building of a new parking garage downtown. The new parking garage is a business deal for the city to capture some revenue from the Baseball Stadium and the new hotel development.
Why should we care if TIF is being expanded for the Harrison Square Project?
Because if TIF can be gerrymandered to serve the interest of big business, why not use TIF dollars for the existing small businesses that are all ready downtown.
Does TIF keep my property taxes low?
No property taxes is determined by the budget of your various departments, the salary and expenses for running the departments. Unless some of the staff department, or buildings are being reduced property taxes will continue to be increased.
What TIF does is every time property taxes are increased for the folks who live within that specific taxing district the increase will be set aside and used for improvement in that specific area. And it insures that the bond will be paid off.
Is this fair?
No because TIF is a financial enhancement that does not include all businesses, individuals or other tax jurisdiction. The $12 millions dollar that is collected in TIF dollars could be better used to improve our combined sewer problems. The burden of the TIF special district capture these dollars and remove them for such uses and places the burden of another city experimental project doctored up to be for the good of the residents while lining the pockets of a few. It is not an equitable, effective nor efficient tool used for economic development.
So what's next?
According to the Journal Gazette:
The redevelopment commission’s approval was the first in a four-part process to amend the economic development area’s boundaries. The Fort Wayne Plan Commission will review the expansion proposal on Monday to make sure it fits with the city’s comprehensive plan. Then the Fort Wayne City Council will vote to approve or reject the plan.
The final step is for it to return to the city redevelopment commission for a public hearing and confirming resolution.
The expansion of the area is an important step in securing a large portion of the money needed to pay for Harrison Square. But it does not obligate the city to spend a single cent, and it does not mean the project has to go ahead. It will allow the city to follow through on its promises if the project is approved or ensure the city will have money to pay for another downtown economic development project if Harrison Square is nixed.
Appeal your reassessment, by using the proper evidence.
And go to the city council meeting and let your voice be heard.
Or sell your house and get the hell out of the city of Fort Wayne.
Wednesday, March 14, 2007
Land for sale
The Young Leaders from Northeast Indiana meeting ended early. The biggest treat was to speak to the million dollar man himself, Jason Freier. Freier, is taking a risk. Freier, the outsider has upped the ante. Freier is investing $20 million dollars into the downtown business district. Something that hometown business owners have failed to do. So you got a love Freier. There is no way around that fact.
But, Freier is no country hick. Freier tells about a business man who listened to the people. The business man purchased up the land. After acquiring the land began to built offices in a certain downtown. The man is in his 70 and is worth billions of dollars.
Freier has an eye for an opportunity. Freier need not purchase up the land like an old protege. The City of Fort Wayne is giving it to him. On this land Freier will spend around $20 million dollars. $15 millions will go toward building some condominium. Nice condominiums with the price range in the ballpark area of $180,000 to $300,000. Let's see a little multiplication and addition, and I come up with a figure between $10 million to $18 millions for 60 of those bad boys. Now the price and number may change. Interest in ownership will more than likely drive the price. That does not include the baseball park.
The baseball park design is a beautiful place. Why wouldn't be. Freier is a baseball fan and he loves his team's, the Wizard's , fans. Freier envision a baseball park that is fun for the whole family. A baseball park where family can enjoy a picnic. And perhaps because he has two little ones, where children can play on oversize slides of some sort. And with the downtown baseball park, this dream can come true and than some.
Did I say anything about brain drain. Did I say anything about young folks bored with the suburbia moving back into the urban cutting edge, hip and happening downtown area. I didn't did I.
Nope, because it ain't about these young folks. It's about the businessmen in downtown Fort Wayne who should be carrying Freier and his partner on their shoulders. Freier is going to make those folks a mint. Council members, attorneys,and other folks with property in proximity, like West Central Neighborhood, to the Freier project will go on the market. Yes sirree, Freier probably sees a billion in the making. And it happening way before he hit 70 years of age.
Mr. Freier you are the best thing that could have happened to Fort Wayne Wizard. Or should I say Fort Wayne, Indiana is one of your best friends.
But, Freier is no country hick. Freier tells about a business man who listened to the people. The business man purchased up the land. After acquiring the land began to built offices in a certain downtown. The man is in his 70 and is worth billions of dollars.
Freier has an eye for an opportunity. Freier need not purchase up the land like an old protege. The City of Fort Wayne is giving it to him. On this land Freier will spend around $20 million dollars. $15 millions will go toward building some condominium. Nice condominiums with the price range in the ballpark area of $180,000 to $300,000. Let's see a little multiplication and addition, and I come up with a figure between $10 million to $18 millions for 60 of those bad boys. Now the price and number may change. Interest in ownership will more than likely drive the price. That does not include the baseball park.
The baseball park design is a beautiful place. Why wouldn't be. Freier is a baseball fan and he loves his team's, the Wizard's , fans. Freier envision a baseball park that is fun for the whole family. A baseball park where family can enjoy a picnic. And perhaps because he has two little ones, where children can play on oversize slides of some sort. And with the downtown baseball park, this dream can come true and than some.
Did I say anything about brain drain. Did I say anything about young folks bored with the suburbia moving back into the urban cutting edge, hip and happening downtown area. I didn't did I.
Nope, because it ain't about these young folks. It's about the businessmen in downtown Fort Wayne who should be carrying Freier and his partner on their shoulders. Freier is going to make those folks a mint. Council members, attorneys,and other folks with property in proximity, like West Central Neighborhood, to the Freier project will go on the market. Yes sirree, Freier probably sees a billion in the making. And it happening way before he hit 70 years of age.
Mr. Freier you are the best thing that could have happened to Fort Wayne Wizard. Or should I say Fort Wayne, Indiana is one of your best friends.
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